Good Morning Forex Friends
We were looking for bounce from rising channel support around 1231-33.Price move lower at 1227 and close at 1232 level in Friday session.We will look for the confirmation of break or bouncing back pattern.I am sharing different time chart analysis to give my thoughts regarding gold next move.Please go though the analysis written below.
Weekly Gold Analysis
Couple of reversal candle in weekly time frame chart indicating more bearish move.This move may end around 1191-93 at weekly support level.Our weekly longer term target remain the same 1370-90 and movement above 1283 will give more confidence towards our target.Please keep in mind if gold break and close below 1191-93 in weekly time frame chart then it will invalidate our bullish point of view.Please have a look in a chart below, i have mention support and invalidation area.
Weekly Gold Chart
Daily Gold Analysis
Friday closing at 1231-32 level complete the symmetric triangle that was forming in daily time frame chart.Now 1231-32 area is the watching level to predict gold next move.If we get daily closing below 1230 level , it will confirm the break of symmetric and next gold target may 1211-13 and 1191-93 in extension.If gold bounce from the support of 1131-32 ,then price could resist at 1243-47 area that is next resistance of symmetric triangle.We will look for the break of resistance to jump in the bullish rally with minimum target 1277-81.Please go through the chart below if have mention support and possible next targets area.
Daily Gold Chart
4 Hour Gold Analysis
We can catch early bounce or break confirmation in 4 hour time frame chart.Gold was forming rising channel in 4 hour chart.Friday 4 hour closing was exact at support level of rising channel and low was around 1226-27.If gold move below 1226 it will confirm the support break.Support will become resistance in that case an we will look for sell entry from 1225 with minimum target at 1211-13 and invalidation above the resistance level.Alternate if gold bounce from 1231 and close above the support level, then gold next target may 1243-47 that is psychological first resistance and the second resistance of rising channel is at 1275-77 area.I suggest you to stay neutral until price move below 1226 or give clear bounce from 1231.Please see the chart below , i have mention break confirmation area and possible bounce level with targets.
4 Hour Gold Chart
Note : Please dont entry in sell position unless price move below 1226 level.4 hour closing above 1231-33 may give possible bullish signal.We will watch these areas to enter our position.
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com